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CNBC's Jim Cramer called Wells Fargo's fraud case on Friday a "suboptimal situation." The bank on Thursday agreed to a multimillion-dollar settlement with California prosecutors and federal regulators.
Wells Fargo settled after customers said they were pushed into costly financial products that they didn't ask for.
Over five years, 5,300 Wells Fargo workers were fired over the practice, CNBC confirmed. Officials said Wells Fargo will pay $185 million penalties and $5 millions to customers.
"This is what I call a suboptimal situation with a lot of ill-advised decisions," Cramer said on "Squawk on the Street." He noted, however, that he wouldn't advise selling Wells Fargo shares on the news.
The bank issued an apology saying it takes full responsibility. Cramer said that CEO John Stumpf should come on-air to read the formal apology.
Wells Fargo's stock was trading slightly lower Friday morning at $49.67 a share. The stock is down more than 8 percent this year.